Canadian Dollar and Business Outlook: Loonie slips to start the week
StatCan says inflation up in January
By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar stepped back on Tuesday morning due to gains in its United States counterpart and little direction from crude oil.
As of 8:34 am CST, the loonie was at US$0.7042 or US$1=C$1.4201 compared to Friday’s close of US$0.7059 or US$1=C$1.4166. On the United States Dollar Index, the greenback climbed 0.315 of a point at 106.890.
Benchmark crude oil prices were slightly higher on Tuesday morning due to uncertainty over OPEC+ crude output, Ukraine-Russia peace talks and tariffs threats made by the Trump administration.
Brent crude oil bumped up 30 cents at US$75.52 per barrel and West Texas Intermediate added 81 cents at US$71.55.
Statistics Canada reported on Tuesday that inflation in January bumped up to an annualized rate of 1.9 per cent from 1.8 per cent in December, largely due to higher fuel prices.
Shortly after the TSX/S&P Composite Index opened, it nudged up 8.18 points at 25,491.41.
Gold advanced US$37.40 at US$2,937.90 per ounce.
